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Definition Edit

The Clearing House Interbank Payments System (CHIPS) is

[a] "real time," multilateral, final payments system for large dollar value, business-to-business payment transactions between domestic or foreign institutions that have offices located in the United States. CHIPS is run by CHIP Co. LLC, a subsidiary of The Clearing House Payments Company, LLC.[1]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

See also Edit